HomeMy WebLinkAboutRES 092314-T - GEDCO BudgetWHEREAS, the City is required by State Law, the Bylaws of the Georgetown Economic
Development Corporation (GEDCO), previously established pursuant to Vernon's Rev. Civ. Stat. Ann.,
Article 5190.6 Section 4(A) to approve an annual budget; and
WHEREAS, the appropriations were approved by the GEDCO 4A Board on September 22, 2014;
and
WHEREAS, the budget is for the fiscal year beginning October 1, 2014 and ending September
30, 2015;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION '1. The facts and recitations contained in the preamble of this resolution are hereby
found and declared to be true and correct, and are incorporated by reference herein and expressly made
a part hereof, as if copied verbatim. The City Council hereby finds that this resolution complies with the
Vision Statement of the City of Georgetown 2030 Comprehensive Plan.
SECTION 2. The City Council of the City of Georgetown hereby accepts the proposed 2014/15
budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve month period
beginning October 1, 2014 and ending September 30, 2015 in accordance with State Law and the
GEDCO Bylaws.
RESOLVED this 23T" day of September, 2014.
ATTEST: THE CITY OF GEORGETOWN:
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Jessic Brettle 'y Dale Ross
Cit ecretary Mayor
APPROVED AS TO FORM`.
Bridget Cha a
City Attorney
Resolution No. —
Description: 2014/15 GEDCO Budget Resolution
Date Approved: September 23, 2014
Page I of I
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION (GEDCO)
2014115 Budget
Interest Income 7,500
Lease Revenue 48,000
Total Revenue 1,428,375
|ntedocoAgreement 102,105
Supplies 300
Legal 7,500
Travel &Training 1,500
Promotional & Marketing Programs 81'000
Miscellaneous Expenses 2,500
Loan Repayment ' 99783
Economic Development Projects (Unidentified)
3/461,445 *^
Existing Commitments:
Airbom
66,316
Freeport Exemption Study
G'OOU
Molecular Templates Inc (W1T|)
69,000
Speculative Commercial Building
70,000
Taooa
67.500
Annual Excess Revenues $ (2,6961574) --
'6w,,eginning Fund Balance - Projected 4,539,793
+/- Annual Excess Revenues
Less:
CombngemcyResenea(�- 25%.Reveowe) 343`219
Reserved Fund Balance: Rive[yPnojeoi 1.500`000
Ending Unreserved Fund Balance $ 0